Documents filed with Companies House show that VINAYA has split into two companies: Vinaya Limited and Vinaya Technologies Limited.

Vinaya Technologies Limited, the original company, was placed into administration on December 12.

Business Insider was shown a letter dated December 19 that was sent to VINAYA's creditors. It confirmed that the company had been placed into administration, and explained that accountancy firm Menzies is handling the case. Menzies did not immediately respond to a request for comment.

VINAYA described its products as "distraction management" tools that help customers to "filter out the noise." Its Altrius devices are smart jewellery pieces that connect to a smartphone via bluetooth and only notify the wearer when a notification is deemed important enough.

Unsworth told Business Insider in June that she hoped to raise a £10 million Series A round in the first quarter of 2017. "I don't want to raise an A now because if we raise now our valuation will be lower," she said. "But we need money before Q1. So the way that convertible note works is, we'll take let's say £2 million and anybody who comes in now, because it's slightly higher risk, gets a discount on the series A price. It's like a loan, so they don't get equity straight away. When the Series A comes round they don't just get the £2 million worth of equity, they get £2 million plus 20% more."